BacklotCars parks another $25 million in Series B round led by NY-based investor
April 15, 2019 | Startland News Staff
KC-fueled BacklotCars will further its mission to disrupt the wholesale automotive space, thanks to the close of a $25 million Series B funding round, the company announced Monday.
Justin Davis, BacklotCars
Led by New York-based growth equity firm, Stripes, the round brings BacklotCars — which seeks to ease pain points for automotive wholesalers — to $38 million in funding total since it was founded in 2014.
“We’re excited to have Stripes partnering with us on this next round of funding, as well as the continued support from existing investors,” said Justin Davis, CEO of BacklotCars. “Stripes’ experience with guiding high-growth, tech-driven marketplaces will be helpful as we double down on our mission of making wholesale easy.”
Backlot Cars’ latest round saw continued support from KCRise Fund, the company said, in addition to another seven existing investors that included: Origin Ventures, Pritzker Group Venture Capital, Revolution’s Rise of the Rest Seed Fund, Royal Street Ventures, and Chaifetz Group.
“We are thrilled to be joining the BacklotCars team,” said Saagar Kulkarni, Principal at Stripes. “The BacklotCars marketplace, combined with its transportation and financing products, is a complete solution for dealers. We believe their tremendous growth is proving that car dealers want a digital marketplace for buying and selling inventory. We look forward to partnering with Justin and the team as they continue to expand their footprint and create value for dealers nationwide.”
Rapidly raising, the Crossroads-based company closed on an $8 million Series A round in December 2018.
Click here to read about the previous funding round.
“We have a talented team of problem solvers here that gets things done,” Nathan Sterner, growth and marketing manager, said of the company’s growth mindset at the time.
With it latest cash infusion, BacklotCars will continue its expansion, promising to enhance current products, expand inventory, and create additional resources focused on dealer success, Davis said.
“We’re focused on building one platform for all dealers to transact efficiently, not just a new version of the same old auction,” he said.
Featured Business
2019 Startups to Watch
stats here
Related Posts on Startland News
Rawxies founder: ‘I didn’t give up’ on fundraising in KC
Vegan snack manufacturer Rawxies is en route to closing a funding round that will significantly increase its production. The Kansas City-based company has now raised $512,000 of its seed round, which will boost manufacturing of its raw, vegan snacks by roughly 400 percent. Investors thus far include England’s family, Liz and Brian Kelly, the Women’s…
Meet KC’s Cisco Smart City leaders
Kansas City Mayor Sly James announced on Friday 11 people to serve on the city’s Smart City Advisory Board. With a mixture of corporate, non-profit and civic experience, the board will manage and guide policies for Kansas City’s public-private Smart City project. Announced in the summer of 2014, the project will turn downtown into a…
ClaimKit’s Cheatham: listening scored big business
Adaptability is a cornerstone of launching a successful business. Without that — and a willingness to listen — ClaimKit CEO Chris Cheatham said he would’ve been pursuing a much smaller market with his company’s tech product. ClaimKit, which created a document management system for insurance claims professionals, recently pivoted its model to create a collaborative…
Some like it hot: KC named top startup town
You’re hot, Kansas City, and it’s not just your sweltering summer heat. Entrepreneur Magazine recently named Kansas City — Mo. and Kan. — as one of nine “hot startup cities” that are outside of San Francisco and New York City. Although Kansas City is also known for its tech prowess, the magazine largely noted the…